Latest Headlines – Page 155
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Essilor Defies A Slowing Market But Its Organic Growth Is Softening
The company expects sales to continue growing at constant exchange rates in 2009, in spite of what its finance manager, Philippe Alfroid, describes as «the worst economic environment that I have ever seen while I have been with this company.» Much of this growth will be driven by acquisitions, as ...
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Safilo Aims To Cut A Lot Of Debt, Fast
While presenting the company's financial results for last year, Safilo's chief executive, Roberto Vedovotto, pledged yesterday to substantially cut the company's net debt in the short term as it jumped by €55.4 million in 2008 to reach €570.0 million, or 4.5 times gross operating profits (EBITDA). Debt was boosted ...
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Luxottica Sees The Higher End Of The Eyewear Market Shrinking By 10%
Luxottica expects that the market for medium, premium and luxury eyewear will fall by about 10 percent because of the current economic turbulence. «This is a global structural reset, right-sizing many different markets and geographies,» said its chief executive, Andrea Guerra, in commenting on the company's results and its future ...
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Strong Yen Wipes Out Hoya's Gains
The vision care division of Hoya Corporation took another hit at home in Japan in the third quarter ended Dec. 31, but sales continued to grow in terms of local currencies in other parts of the world, and the division recorded an operating margin (EBIT) of 19.3 percent, up from ...
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Italy's Camelot Takes Over Vecellio
The Italian investment fund Camelot has bought a 51 percent stake, through a capital increase, in the eyewear manufacturer Vecellio Occhiali from its founder, Celestino Vecellio, who remains the company's chief executive. Paolo Fabris, representing Camelot, becomes the chairman of the company. The fund will also appoint a second ...
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Elite Is Paralyzed
The Italian eyewear company, a former contract manufacturer that has been licensing Pollini, Napapijri and other brands lately, is closed. One of Elite's 35 employees, who have been forced to stay at home without pay since December, said the company is likely to file for bankruptcy protection next week, unless ...
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Christian Dalloz Becomes Insolvent
Christian Dalloz Sunoptics, a French company that supplies luxury, fashion and sport sunglass lenses and shields to major brands, has filed for the French equivalent of Chapter 11 bankruptcy protection while it reorganizes in effort to reduce its cost base. The company believes that it was the victim of a ...
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Rodenstock Maps Out Path For Expansion
Rodenstock has entered a cooperative venture with Uvex, handling its sales in optical retail circuit for this German supplier of sports glasses. It also has entered new licensing agreements with Baldessarini, Rock Star Baby and Stefan Blöcher. Furthermore; the company's license with Porsche Design has been extended for five more ...
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Brulimar's Unbranded Lines Take Off
The Manchester-based British group has reported extraordinary growth for its unbranded collections, illustrating a logic that is typical of recessionary periods, whereby even the most demanding consumers shift to more economical products. In the last six months of 2008, Brulimar Optical Group's Carousel and Top Secret brands saw domestic sales ...
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At Vision Expo East, Some Gaps In Foreign Presence
A few of the major Italian eyewear producers, starting with Marcolin, will not be taking a booth this year at Vision Expo East, the show that takes place in New York at the end of March. The Italians have nothing against the American fair as such, and the two leading ...
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Optic 2000 Sets Up Foundation; Funds Eye Disease Research
The French buying group for opticians has set up a new foundation to fight eye disease, called Fondation Groupe Optic 2000. The foundation will act as an umbrella organization for the group's diverse actions in research, humanitarian aid and campaigns for low vision in France. The foundation's first action, ...
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The Leading Czech Retailer Acquires The Leader In Slovakia
The leading Czech optical retail chain, Fokus Optik, has acquired a controlling interest of 56 percent in the leading chain in Slovakia, Ocná Optika. Together they will form a group that will trade in the future under the name Fokus-Ocná Optika and that may move into another foreign country such ...
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Essilor Is Buying Signet Armorlite
Reinforcing its position in the low and medium segments of the ophthalmic market, Essilor has signed a deal to buy the entire capital of Signet Armorlite through its U.S. subsidiary EOA Holding. Terms of the agreement, which is subject to approval by regulatory authorities in certain countries, were not released. ...
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Gorny Quits Zeiss
Carl Zeiss Vision announced on Jan. 13 that its chief executive officer, Norbert Gorny, had left for personal reasons, with immediate effect. The reasons for his abrupt departure could not be learned. His functions will be handled on an interim basis by Arne Frank, a representative of the EQT fund ...
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Safilo Pursues Management Reschuffle
Safilo continues to reorganize its senior management, following the return of Roberto Vedovotto at its helm late last year. The major new change has been the replacement of Claudio Gottardi as head of the company's American operations with James Ross Brownlee. Brownlee has spent 12 years with the Safilo group, ...
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Pharmaceuticals Group Buys Advanced Medical Optics
Abbott, a large American manufacturer of pharmaceuticals and medical products, is entering the ophthalmic sector by acquiring Advanced Medical Optics for $22 per share in cash. The total value is about $2.8 billion, including estimated net debt. Advanced Medical Optics' shares closed at $8.85 per share just before the deal ...
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Hvlc Takes Over Parts Of Vidivici In Liquidation
Four brands and licenses held by Vidivici and some other assets, including a beautiful ancient villa, have found a potential new owner after going into liquidation due to a serious financial crisis that occurred in the second half of 2008, in spite of constant growth in sales. It seems that ...
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Visibilia Gives Up Luxury Division And The Distribution Of Kata And Judith Leiber
As of Jan. 1, 2009, Visibilia is no longer the European distributor for the Kata and Judith Leiber brands of the U.S. firm Legacie. Just six months after the exclusive agreement between the two companies was signed, Cliff Robinson for Legacie and Dan Levi for Visibilia concluded that the experiment ...
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Safilo, Luxottica And Mazzucchelli Reduce Production In Face Of Recession
As consumption is falling in the international eyewear market, the two major European manufacturers are reducing their production. As they are both Italian, they are making use of an Italian system that allows them to lay workers off temporarily in times of economic difficulty, with part of their wages paid ...
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Safilo Opens A Subsidiary In Russia
Safilo is reinforcing its presence in Russia and the other countries that formerly belonged to the Soviet Union with the establishment of a new subsidiary. Safilo CIS, headquartered in Moscow, is a fully owned subsidiary that went into operation as of Jan. 1, 2009. Safilo's various brands had previously been ...
